$1.5 Billion In Bitcoin Has Been Transferred To Binance In The Last 30 Days

Key Points:

• According to Coinglass on-chain data, Binance presently possesses 586549 BTC, with 49968 Bitcoins deposited in the previous 30 days alone.
• Another significant number cited by Coinglass is that 22590 BTC had been sent in the last seven days, with 5000 BTC sent in the last 24 hours.
• This on chain platform found that mining Bitcoin blocks is growing increasingly challenging, with the number of hash functions required to mine a block reaching an all-time high.

Over the last 30 days, more than $1.5 billion in Bitcoin (BTC) has been deposited into Binance, the market’s largest cryptocurrency exchange.

According to the data provided by Coinglass on the blockchain, Binance currently has 58,6549 BTC, of which 49968 Bitcoins have been deposited in the space of just the past 30 days. Another notable number that was mentioned by Coinglass was that 22590 BTC had been sent in the previous seven days, and that 5000 BTC had been sent in the previous twenty-four hours.

Bifinex and Gate are two further cryptocurrency exchanges that have observed growth in their BTC holdings in the preceding 30 days. During that time period, 2767.6 and 1023 BTC, respectively, have streamed into the exchange.

Meanwhile, Gemini, OKX, and Coinbase Pro are among the top exchanges reporting Bitcoin withdrawals, with a total of 17134, 4447, and 1273 BTC withdrawn, respectively, over the course of the previous thirty days.

Furthermore, another notable metric released by Onchain analytics platform Glassnode reveals that mining Bitcoin blocks is becoming increasingly difficult, as well as the number of hash functions required to mine a single Bitcoin block has reached an all-time high.

“The estimated number of hashes required to mine a block has reached an ATH of 209 zettahash (1021) following the most recent Bitcoin difficulty adjustment.” when a result, when additional hashing power is deployed to the network, the difficulty of mining a block increases.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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